Is a portfolio a derivative?

a mere portfolio of assets is not a derivative, even though its value is clearly derived from those assets. A financial derivative needs to be something you can trade by itself. If the portfolio were offered to you in the form of a swap (a swap is just a financial contract between two parties) then that swap would be a derivative, because the value of the swap ultimately derives from the value of the component assets. But the portfolio itself is not a derivative.